Latest Globology News
Mar 23, 2022
Staff writer Word count: 485 InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement with Globology, committing $3.8m through its dedicated investment arm, to support the expansion of the company’s Waterbus passenger transport operations on Lake Victoria. Choose ONE Magazine and TWO Articles for FREE when you register an account InfraCo Africa, part of the Private Infrastructure Development Group (PIDG), has signed a Shareholders’ Agreement with Globology, committing $3.8m through its dedicated investment arm, to support the expansion of the company’s Waterbus passenger transport operations on Lake Victoria. Bertrand Ketchassi, Investment Manager at InfraCo Africa, said: “We are excited to work with Globology to grow its Waterbus marine transport offering on Lake Victoria. Together we will provide people with safe, reliable access to mainland and island markets and essential services, and we anticipate that developing these transport routes will boost the wider regional economy.” “We are particularly interested in the company’s plans, supported by grant funding from the Shell Foundation, to further reduce journey emissions by piloting the use of solar-powered propulsion on its vessels. InfraCo Africa brings marine transport expertise to the project from our Kalangala Infrastructure Services and East Africa Marine Transport initiatives elsewhere on the Lake, and we hope that these will provide opportunities for shared learning going forward,” he added. Waterbusis the first passenger-focused service to deliver scheduled ferry routes on the Lake, currently operating two 132-seater and one 80 seater safe, modern catamaran vessels for passengers and light cargo on two Kenyan routes. The company currently has one further ferry under construction. InfraCo Africa’s investment will support the construction of five new fifth-generation ferries over the next 24- 36 months and will enable the company to finance upgrades to its existing boatyard located in Kisumu, Kenya. The new vessels will operate on additional routes in Kenya and on new routes in Tanzania and Uganda. Shell Foundation, the UK-registered charity that works to enhance access to sustainable energy and transport for low-income communities, has provided Waterbus with a grant of $800,000 to pilot retrofitting of a solar boost system to two of its vessels. If the expected reduction in fuel consumption of around 15% is achieved, solar boost systems will be fitted to the wider Waterbus fleet. Globology Founder, Malcolm Ormiston, said “We are excited to have the opportunity to grow the reach of the WaterBus service and expand our journey to save lives and facilitate development of Africa’s transportation-challenged communities. InfraCo Africa are an exciting partner to work with in expanding the water transport infrastructure sector that’s typically been poorly served by development and investment groups in the region.” Wanji Nganga, Regional Manager - East Africa at Shell Foundation said: “Expanding affordable and reliable access to cleaner mobility solutions for goods and people is critical to socio-economic InfraCo Africa is supported by development for low-income populations. We have supported Waterbus since 2016 to serve isolated communities on Lake Victoria with a safer, more reliable, sustainable service. We are pleased to see the investment from InfraCo Africa, which is testament to the business model and technologies’ viability to scale and reach thousands more customers, and also very proud to continue supporting the vessels’ research and development with this new grant agreement.” Stay Connected
Globology Frequently Asked Questions (FAQ)
Where is Globology's headquarters?
Globology's headquarters is located at Po Box 121, Kisumu.
What is Globology's latest funding round?
Globology's latest funding round is Private Equity - II.
How much did Globology raise?
Globology raised a total of $3.8M.
Who are the investors of Globology?
Investors of Globology include InfraCo Africa, Hooge Raedt Social Ventures and DOB Equity.